Welcome back to Zricks

OR

Request a Quote

Full Name

Email

Phone Number

Disclaimer: By using or accessing the Website, you agree with the Disclaimer without any qualification or limitation.
This website is only for the purpose of providing information regarding real estate projects and properties in different geographies.
Zricks.com is not a real estate agent or channel partner, Zricks.com is a real estate marketing website registered under ABC Infratech Pvt Ltd.
Any information which is being provided on this website is not an advertisement or a solicitation.
The information regarding real estate projects and properties provided herein have been collected from publicly available sources,
and is yet to be verified as per RERA guidelines. Further, the company has not checked the RERA* registration status of the real estate projects listed herein.
The company does not make any representation in regards to the compliances done against these projects.
The Websites and all its content are provided with all faults on an "as is" and "as available" basis.
Please note that you should make yourself aware about the RERA (Real Estate Regulation Development Act 2016)
registration status of the listed real estate projects. You agree to our Terms of Service, Cookie, Privacy and Content Policies.

India’s Top 10 Most Expensive Housing Locations

Mumbai occupies the first three spots followed by Chennai and Egmore. South Mumbai’s Tardeo is India’s most expensive luxury residential location in the primary (first sale by developer) residential real estate market. Luxury properties here come with an astronomic average price tag of INR 56,200 per sq. ft. Research by ANAROCK reveals that over the last seven years, this tony location in the financial capital recorded a new launch supply of over 1,100 units in the premium segment with average size of 1,690 sq. ft

Highlights:

• New residential property at Tardeo comes with an avg. price tag of INR 56,200 per sq. ft. in the primary market

The next two hyper-expensive luxury housing locations are also in Mumbai. Worli and Mahalaxmi rank 2nd and 3rd with new luxury residential properties price-tagged at INR 41,500 and INR 40,000 per sq. ft. respectively. These two localities recorded an aggregate supply of over 9,600 units since 2013.

In terms of property typology, 2/3BHK apartments dominate the property spectrum in these two MMR localities. On an average, the built-up size of these units ranges anywhere between 1,690-3,500 sq. ft. Besides the highly aspirational SoBo label, many luxury projects in these expensive markets offer unrestricted views of the racecourse and eastern sea views, premium amenities – and privacy, which is arguably the biggest luxury in India’s most congested city.

In addition to mainstay luxury amenities, luxury developers now market their projects as a new standard of sustainable and even with the organic living. A significant percentage of premium projects in these markets come with an organic vegetable gardens, organic café, herb garden, and so on.

The top 10 rankings are based on the average prices of all new luxury units launched between 2013 and H1 2019. Over this period, avg. prices in the mentioned micro-markets were calculated to be the highest in the respective cities. MMR is one of the most expensive markets among the top 7 cities and has several localities with high price tags. Only the top 3 most expensive localities are considered here.

Chennai – the most expensive South Indian market

Out of the three major southern cities tracked (Chennai, Hyderabad, and Bangalore), only micro-markets in Chennai qualify for the list of the top 10 most expensive luxury residential markets in India:

• Nungambakkam – 4th place – INR 18,000 per sq. ft.

• Egmore – 5th place – INR 15,100 per sq. ft.

• Anna Nagar – 7th place – INR 13,000 per sq. ft.

Interestingly, the average built-up size of the premium units in Chennai is about 17% larger than those in MMR. In Chennai, luxury apartment sizes are in the range of 2,190-2,890 sq. ft.

No localities in Bangalore and Hyderabad make it to the top 10 list. However, if we consider data in the primary market:

• Rajajinagar is the most expensive luxury market in Bangalore with luxury properties commanding a price of INR 11,500 per sq. ft., followed by Koramangala with avg. prices of INR 10,600 per sq. ft. and Jagjeevanran Nagar with INR 10,000 per sq. ft.

• Madhapur is the most expensive luxury market in Hyderabad at INR 6,500 per sq. ft. for luxury homes, followed by HITECH City and Gachibowli with avg. property prices INR 6,200 and INR 5,700 per sq. ft.

Other markets on the top 10 list:

In NCR, Karol Bagh comes in 6th and Golf Couse Road ranks 9th on the list of most expensive luxury residential destinations, with an average price of INR 13,500 per sq. ft. and INR 12,500 per sq. ft. respectively. These two localities recorded an aggregate supply of 5,630 luxury units since 2013 till date. Some of the projects come with roof-top cafés with spectacular views, observatory decks, restaurants, spas and various other luxury accoutrements.

Pune’s Koregaon Park ranks 8th on the list, while Alipore in Kolkata ranks 10th. Average prices for luxury homes in these two micro-markets are INR 12,500 per sq. ft. and INR 11,800 per sq. ft. respectively.

Honourable Mentions

Besides the top 10 most expensive localities in the primary markets, few others would have also made it to a larger list with more relaxed ranking parameters. For instance:

Several prominent areas across the top 7 cities command exorbitant price tags for resale properties – much steeper than prices in the primary sales market. With land for new developments being a scarce commodity in these markets, Indian billionaires often prefer to opt for such properties on the resale market because of the sheer scarcity. Some of the most expensive secondary micro-markets include:

• Pune: Ashok Nagar, Bhosle Nagar and Boat Club Road are expensive resale markets with properties priced as low as INR 11,000 per sq. ft. and going up to INR 18,000 per sq. ft.

• Kolkata: Rash Behari Avenue, Prince Anwar Shah Road, Bhowanipore and Gariahat are among the most expensive localities with prices between INR 7,500 to INR 13,500 per sq. ft.

To sum up…

Even as India’s middle-class grapples with the prospect of an uncertain future in their careers and financial ability – the main drivers of housing demand – the rise of India’s super-rich continues unabated. According to Credit Suisse report, there were an estimated 3.42 lakh dollar-millionaires in India as on mid-2018 who collectively held around USD 6 trillion. It is forecast that 5.26 lakh Indian dollar millionaires’ wealth will be around USD 8.8 trillion by 2023. Market fluctuations make very little difference to the personal networth of these individuals.

In India as in the rest of the world, super-luxury housing remains largely insulated from median real estate and economic dynamics. Buyers in this housing category, coming from both ‘old’ and ‘new’ money, remain personally wealthy despite ups and downs in their businesses or the economy at large. The country’s most aspirational and expensive locations are their exclusive playgrounds.